"Cat Food,cola,toothpaste

question 123

Multiple Choice

"Cat food,cola,toothpaste." Your roommate begins reciting items as you get to ready to leave to the store.He continues to list a few more items.Finally,he wraps up: "Coffee creamer,spaghetti sauce,dish liquid,and ice-tea mix." You forget a couple of things,but you do manage to get the cat food,cola,and toothpaste.Your memory for these items reflects the _____ effect.

• A)primacy
• B)recency
• C)serial memory
• D)item order

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Definitions:

Downsloping Demand Curves

A graphical representation showing that the quantity demanded of a good or service decreases as its price increases, holding other factors constant.

Total Revenue

The total amount of money generated by a business from its sales of goods or services before any expenses are subtracted.

Inelastic Segment

The inelastic segment defines a range within the demand curve where the quantity demanded changes very little in response to changes in price. Demand is relatively insensitive to price adjustments.

Total Revenue

The overall sum of money received by a company or individual from the sale of goods or services, before any expenses are subtracted.